DealerSocket Inc. and Dealertrack Technologies, Inc. (NASDAQ: TRAK) today announced that they have entered into a definitive agreement under which DealerSocket will acquire Dealertrack's Inventory+ business an all-cash transaction for approximately $55 million.
Under the terms of the agreement, Dealertrack's Inventory+ suite of inventory management solutions, including its AAX product in the U.S. and Canada, as well as its eCarlist websites, will be acquired by DealerSocket. Inventory+ helps dealers centralize and standardize the inventory management process, gain data-driven insights, and maximize profitability.
"We are pleased to be bolstering DealerSocket's comprehensive website solutions, Customer Relationship Management and training solutions with the highly complementary inventory management services available through Inventory+," said Jonathan Ord, CEO of DealerSocket. "We look forward to welcoming the Inventory+ team to our organization and to working together to ensure a smooth transition for customers."
DealerSocket's acquisition of Dealertrack's Inventory+ business and Dealertrack's acquisition by Cox Automotive, Inc. are both expected to be completed by the end of the third quarter of 2015, subject to regulatory approval. Dealertrack's Canadian Tradetracker product and Central Dispatch are not part of the transaction.
"As we work to complete our transaction with Cox Automotive, DealerSocket's acquisition of our Inventory+ business is a great result for our Inventory+ employees, customers, and our company as a whole," said Mark O'Neil, Chairman and CEO of Dealertrack. "Seamlessly transitioning our Inventory+ team members and customers to DealerSocket is our top priority."
DealerSocket's acquisition of Inventory+ is contingent upon approval by the Department of Justice ("DOJ") in connection with the DOJ's review of the pending acquisition of Dealertrack by Cox Automotive. Dealertrack, DealerSocket and Cox Automotive are working cooperatively and expeditiously with the DOJ in connection with its review process.
SAN CLEMENTE, Calif.-May 5, 2015-DealerSocket today announced it has acquired AutoStar Solutions, a comprehensive automotive dealer management system (DMS) for Buy Here Pay Here (BHPH) and User Car Dealers.
“AutoStar Solutions delivers extreme value and expertise to the Buy Here Pay Here and User Car retailers,” said Jonathan Ord, CEO of DealerSocket. “The people at AutoStar are passionate about the used car retailing world. Together, our goal is to equip BHPH dealers with the most advanced and innovative next generation technology at the best possible value for their day-to-day operations.”
AutoStar Solutions provides a variety of products and services that meet the demands of an ever-changing automotive industry. AutoStar tailors its solutions are tailored for BHPH and Used Car Dealers, and AutoStar’s dealer management system adds significant value by optimizing processes for finance, wholesale and leasing. AutoStar’s solutions include Web-Based DMS, PortalPay, CollectorPro, Insight Reporting, Leasing, AccountLink, NetLink, and more.
“We’re excited to announce this partnership with DealerSocket,” said AutoStar’s President and CEO Allen Dobbins. “DealerSocket’s deep commitment to providing their customers with next-generation technology aligns perfectly with our value standards, technology, and opportunities for automotive dealers.”
“This is an excellent opportunity for our company to evolve our product offering into an even more powerful platform and essential tool for Independent and BHPH dealers,” said AutoStar’s Chief Revenue Officer Antonio Rajan. “The future is brighter more than ever with this partnership.”
For more than 20 years, AutoStar Solutions has provided dealer management software solutions to independent automotive dealers and subprime finance companies in the United States. AutoStar’s web-based software solutions enable clients to automate and simplify activities while staying compliant with state and federal regulations. Learn more at www.autostarsolutions.com.
SAN CLEMENTE, Calif.-April 21, 2015-DealerSocket is proud to announce a new integration with MyDealerLot (MDL). MDL is the retail auto industry's leader in the application of Radio Frequency Identification (RFID) technologies for Automated Guest Recognition and Vehicle Tracking.
This integration enhances the customer experience within the sales and service departments. Strategically alerting the sales and service staff that a customer has arrived and allowing them the opportunity to greet the customer and see if there is an opportunity for a trade-in.
Dealers utilizing MDL's industry-leading RFID technology will receive MDL notifications directly on their DealerSocket dashboard. This provides a quick and easy access point for sales and service departments to be notified of a customer that is visiting their dealership.
"We are excited and pleased to partner with MyDealerLot as we continue to enhance the value and performance our customers expect with DealerSocket," said Matt Redden, CSO of DealerSocket. "This integration provides dealers the essential technology upgrade necessary to discover new leads while delivering exceptional customer experience the moment a customer arrives at their lot."
"Dealerships today are more reliant than ever on having an automated and efficient way to connect the service guest to their sales advisor for lifetime relationships which translate to increase retention, revenue, and profits," said George Cresto, Founder & CEO of MDL. "DealerSocket's integration with MDL's RFID technology helps dealers further leverage their CRM technology investment for a truly connected customer experience."
To learn more about the DealerSocket and MyDealerLot integration or to schedule a demo call 775-473-6622
SAN CLEMENTE, Calif.-February 26, 2015-DealerSocket today announced the acquisition of FEX DMS, a powerful automotive dealer management system (DMS) for Independent dealers.
Established in 2001, FEX DMS is the first and only fully integrated, web-based automotive DMS that includes an integrated loan-servicing platform designed exclusively for Independent dealers.
"FEX DMS has established proven solutions that are simple, powerful, and affordable for Independent dealers," said Jonathan Ord, CEO of DealerSocket. "They are very passionate about the day-to-day operations in the automotive industry. Being a pioneer and powerful addition for the independent space, FEX DMS has helped large and small Independent dealers grow relationships with their customers. This acquisition is just another step in authenticating our ability and dedication in providing the best solutions needed to make life simpler and more affordable for dealerships within the Independent market."
"We are pleased with the opportunities that this partnership creates," said David Huber, president and CEO of Finance Express. "It particularly helps with the ability to more aggressively promote and distribute our best-of-industry dealer management software."
The FEX DMS suite of products is a highly integrated technology solution of a robust inventory management system, sophisticated deal processing, unsurpassed BHPH module, high powered lender portal connectivity, comprehensive electronic payment system, and a full featured reporting engine. The comprehensive program provides dealers online access to a single, seamless solution and insures a safe and secure environment for participating lenders.
To learn more about DealerSocket's acquisition of FEX DMS, call 866-599-2007.
SAN CLEMENTE, Calif.-January 19, 2015-DealerSocket today announced the acquisition of DealerFire, an award winning and leading provider of custom automotive websites and digital marketing.
Established in 1999, DealerFire has led the way in providing custom automotive website solutions from large automotive dealer groups to independent dealers; supplying dealerships with extensive automotive websites, mobile applications, content marketing, and search engine marketing (SEM).
"DealerFire has demonstrated wonderful innovation and high-integrity service to many of our dealers for a long time," said Jonathan Ord, CEO of DealerSocket. "They know automotive, they are passionate in what they do for the industry, and they are a perfect addition to our 'We Are Automotive' platform. This acquisition is just one more step in demonstrating our ability to leverage the right tools and service offerings to make life easier and more profitable for dealerships around the world."
"We could not be more excited to join forces with DealerSocket," said Eric Hoopman, founder of DealerFire. "They have proven to be totally focused on their customers, and we think the same way. I am so excited for the future."
To learn more about DealerSocket's acquisition of DealerFire call 775-473-6622.
DealerFire is a custom automotive web design and digital marketing firm that has been providing leading internet solutions and direct leads to large dealership groups and independent car dealers internationally for over a decade. Headquartered in Oshkosh, Wisconsin, DealerFire has earned numerous business and industry accolades, including being named to the Inc. 5000 list, winning four consecutive Automotive Website Awards and receiving customer service nods from DrivingSales and Desk.com. Currently on a mission to help dealers break free from vendor churn, DealerFire delivers best-in-class responsive websites, content marketing, paid search marketing and social media. Please call 877-828-9717 for more information or visit the company online at www.dealerfire.com.
RevenueRadar, powered by DealerSocket, is officially certified and now a featured partner for General Motors’ new Equity-Mining Initiative. Today, GM announced to their entire field organization and all 4,300 GM dealers about the opportunity to use powerful equity-mining tools like DealerSocket’s RevenueRadar. GM dealers are given incentive bonuses for those who participate in their Equity-Mining Initiative by December 31, 2014.
“DealerSocket is excited to expand our partnership with General Motors through the Dealer Technology Assistance Program (DTAP) and their new Equity-Mining Initiative. We look forward to improving dealerships’ ability to uncover opportunities hiding within their DMS and increase their customer loyalty with our robust automated revenue-generating solution,” said Matt Redden CMSO Sales/Marketing.
RevenueRadar, a stand-alone equity-mining solution, revolutionizes the way dealerships discover and handle new leads. Once RevenueRadar is turned on, it immediately starts discovering hot, new opportunities for sales and service departments to pursue. Many dealerships saw 31+ additional deals per month when using RevenueRadar. Just to name a few, with most CRM providers RevenueRadar identifies opportunities such as equity, service history, and lower payment.
This allows dealerships to discover, browse, and communicate directly to customers that have a certain year, make, or model. RevenueRadar continues to consistently demonstrate why dealerships have seen 73% close rate on RevenueRadar appointments set.
To learn more about DealerSocket’s RevenueRadar or General Motors DTAP partnership with DealerSocket call 877-740-5880.
DealerSocket is introducing a new product that promotes service retention during F&I and service opportunities. MarketPlace Loyalty is a pre-paid maintenance product linked with executable strategies through email, phone, and direct mail reminder campaigns all from DealerSocket CRM.
Over 65% of customers that purchase a new/used vehicle never return to the dealership for service. MarketPlace Loyalty grants dealerships more opportunities to promote multiple service packages, during key moments, which benefit that specific dealership and guarantee customer loyalty. In addition, dealerships that implement MarketPlace Loyalty saw a dramatic decrease in their marketing expenses by an average of 61% allowing dealerships to focus their marketing budget on greater opportunities such as return or new customers.
Key facts about MarketPlace Loyalty:
To learn more about our MarketPlace Loyalty, call 775-473-6622
SAN CLEMENTE, Calif., June 11, 2014 -- DealerSocket has finally "pulled the curtain" to unveil a slew of new products, upgrades, and part 2 to their successful We Are Automotive campaign at their 5th Annual User Summit.
Narrated by Ed Justice Jr., CEO of Justice Brothers Inc., We Are Automotive: Part 2 visually illustrates what an automobile symbolizes to its owner and how technology has evolved the automotive industry through data accumulation. With data from a variety of large and small dealerships, DealerSocket's presence and market share within the automotive industry empowers dealerships the ability to research a wide spectrum of essential industry specific data through one easy location.
The ability for dealerships to access accurate industry rankings and find interactive key sales data has finally come to an end. Dealerships can now find in-depth performance rankings and specific data through DealerSocket's latest product DealerSocket Analytics. A robust reporting dashboard that will integrate My Enterprise and My Rank to create an all-in-one portal where dealers own data can be viewed in a scoreboard with such factors as region, brand, like-dealers and much more.
DealerSocket also completely revamped their service suite with a Mobile Check-In Tool, Recommended Services, and a new user interface for web based Service Scheduling. They also introduced a new critical dealership revenue generator product, MarketPlace Loyalty. Allowing dealerships to offer a competitive pre-paid maintenance package, which in turn, promotes service retention for the dealer and drives long-term customer loyalty.
Lastly, DealerSocket is relaunching DealerSocket Connect. A community forum that enables customers and employees of DealerSocket to connect and have interactive discussions about thoughts, ideas, strategies, products, and services that will help grow and improve DealerSocket.
To view DealerSocket's We Are Automotive: Part 2, visit https://www.youtube.com/dealersocket
SAN CLEMENTE, Calif., June 4, 2014 -- DealerSocket's 5th Annual User Summit in San Diego at the Hard Rock Hotel from June 10-12, 2014 has officially sold out. DealerSocket's User Summit has exponentially grown nearly 80% every year since its first event back in 2009. Because of the substantial growth over the past five years, DealerSocket has had to arrange extra accommodations for the dramatic increase.
User Summit attendees range from large auto groups, single point dealerships, OEM's and independent dealers from all over North America. Packed with engaging and interactive classes that demonstrate the benefits and successes an automotive dealership can have through technology. DealerSocket is also announcing a substantial amount of new product releases and upgrades to their already industry-leading automotive software suite.
To learn more about DealerSocket User Summit, visit usersummit.dealersocket.com
SAN CLEMENTE, CA (May 13, 2014) ---- DealerSocket Inc. ("DealerSocket"), a leading provider of software-as-a-service ("SaaS") enterprise relationship management solutions for the Retail and Independent Automotive industries, announced today it has entered into a strategic investment partnership with Vista Equity Partners ("Vista"), a leading private equity firm with over $12 billion in committed capital focused on investments in software and technology-enabled services companies.
DealerSocket has grown from a startup software company in a garage 13 years ago to a 450 employee leading CRM platform for the retail and independent automotive industries. DealerSocket partnered with Vista to accelerate growth and to continue to invest in product, service and operational scale.
The new relationship with Vista will serve as a platform to continue the DealerSocket traditions of great culture, innovation and customer service and couple it with an increased ability to scale and grow well into the future. DealerSocket's current management team will remain in place and continue to hold a significant ownership stake in the company, which they term as a "true partnership with Vista in every sense of the word."
"DealerSocket is a great company with tremendous potential. We looked long and hard for a partner that could provide the type of strategic and operational support for our leadership team that would enable us to realize our full potential," said Ord. "We did not want to be acquired. Rather, we sought to find a partner that would not dilute our brand or de-energize our employees or customers as well as help us capitalize on all available opportunities for growth. This relationship with Vista accomplishes that goal and more."
Vista's founder and managing principal, Robert F. Smith said, "We are tremendously excited about partnering with DealerSocket. We are convinced that DealerSocket is a wonderful platform company in a space that is in need of thoughtful innovation and attention to customer satisfaction. The company is lead by a passionate management team that loves automotive and loves their customers and desires to continue the legacy of DealerSocket."
Vista Equity Partners is a leading private equity firm that invests in dynamic, successful technology-based organizations led by world-class management teams with a long-term perspective. With over $12 billion in committed capital, Vista is a value-added investor, contributing professional expertise and multi-level support toward companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. Vista seeks to align the interest of clients, management, and shareholders and focuses on the operational processes and best practices that are critical for long-term value creation.
For more information visit www.vistaequitypartners.com.
Since 2001, DealerSocket has provided the automotive industry with the most comprehensive Customer Relationship Management (CRM) and training solutions available, allowing auto dealers to save time and money, and improve sales staff effectiveness, with one consolidated product. With the power to manage sales, service, CSI, marketing and training, DealerSocket is the complete source for all customer-facing automotive dealership departments.
DealerSocket's core CRM is enhanced by a powerful, customer-facing Mobile Portal application to keep in contact with customers and prospects via all mobile devices, a data-mining tool called RevenueRadar, an online process-training university called CarMind and an efficient CallCenter solution. These products can be used alone or in conjunction with the core CRM solution to provide an end-to-end marketing and revenue-producing engine. More than 140,000 users at over 3,500 auto dealerships throughout the U.S. and Canada now leverage DealerSocket's automotive CRM solution to optimize and manage marketing activities, sales processes, customer satisfaction and retention and service-department operations. For more information, call 866-684-3175, email [email protected], visit DealerSocket.com, like us at Facebook.com/DealerSocketCRM, or follow us on Twitter at @DealerSocketCRM.
DealerSocket is excited to announce the newest addition to the innovative Call Management tool, Lead Launch. Designed to reduce response time from when a dealer receives an internet-lead from a customer, Lead Launch strategically converts internet-leads with phone numbers into phone-ups and puts the dealership in contact with the customer right away.
DealerSocket's Call Management portal immediately converts these internet-leads into an audio recording and then places a phone call of the recording to multiple appropriate sales staff at the dealership-the first to answer gets the deal. At any time during the recording, the sales rep can connect to the customer by entering their Call Management PIN. This not only assigns the deal to that sales person, but also logs and records the outbound call into the work notes of the deal.
"We are excited to introduce Lead Launch, the latest feature within our Call Management product suite, allowing extra functionality to help improve a dealership's Internet Lead Management and Internet follow-up process," said Matt Redden, VP Sales/Marketing.
Response time is also improved in two ways. First, the phone-up recording of the internet-lead will in most cases arrive in DealerSocket faster than a tradition internet-lead. Second, the sales person now has a direct channel to connect to the customer while they are already on the phone so they can immediately and conveniently speak with the customer.
To learn more about Lead Launch within our Call Management Tool, visit https://dealersocket.com/products/callmanagement/
SAN CLEMENTE, Calif., April 10, 2014 -- DealerSocket is proud to announce a new integration with Finance Express (FEX) DMS. In an effort to meet our mutual customer demands, we have made it even easier for dealers to manage and communicate with their customers.
Through this integration, DealerSocket now accepts a nightly customer file from FEX DMS which allows dealers to easily schedule automated processes such as vehicle buy back, happy birthday, and anniversary follow-up to encourage repeat business.
By utilizing FEX industry-leading web-based dealer management system, dealers can expect to have even more accurate ROI reporting on sold business due to the Deal Recap information feeding from FEX to DealerSocket on a nightly basis.
DealerSocket will also create master customer records showing the total customer value of each customer, which will help dealers know and understand who their customers are in all stages of the follow up process.
DealerSocket is excited to announce this outstanding integration with FEX DMS along with future integrations through our DealerSocket's DCP program in the coming months.